The entire cryptocurrency market is not currently experiencing the best of times. In recent days, its total capitalization has declined by over $ 30 billion. And there were changes in the first three leaders: Ripple took second place, surpassing Ethereum more than 3 billion dollars. The ETH rate is now $ 103, according to CoinMarketCap.

Such rapid decline is indirectly related to recent events, viz the hard fork of Bitcoin Cash. We want to remind you that, on November 15, 2018, the BCH blockchain was divided into two chains: BCHABC and BCHSV. You probably ask yourself, how can these events be interconnected? The fact is that the community of the already defunct Bitcoin Cash currency was divided peacefully. Craig Wright (BCHSV supporter) has threatened Roger Ver (BCHABC supporter) with a real war. Now both parties must acquire the maximum computing power possible. For this, they need the available funds they have in the cryptocurrency. As a result, they sell their coins to buy mining equipment, which leads to such a decline in rates.

Ethereum has long been surrounded by not the best background news, plus there is a general market decline, which causes such a rapid collapse of the ETH rate.

It's not a secret Vitalik Buterin & # 39; s the platform is far from ideal and presents a series of drawbacks: inflation, scalability, throughput, etc. All these factors hinder the development of the project. Buterin himself and his numerous development team have repeatedly stated that the work on large-scale upgrading of the Ethereum platform is in full swing. But they have not been mentioned specific. And finally, at the Devcon4 conference, which was held in Prague at the beginning of November this year, Buterin issued an official statement on the upcoming release of Ethereum 2.0.

How will the etereum be updated? In short, we will finally see the activation of Casper and the long-awaited transition to the consent algorithm Proof of Stake, the EWASM (virtual machine) upgrade and much more. After successfully implementing all these innovations, the Ethereum network will be able to process more than 1,000 transactions per second (now this brand is 17), and it will also become safer and more energizing.

Analysts' opinions, as usual, are uncertain: some believe that the project has a bright and brilliant future, while others believe that rapidly developing competitors (such as EOS, for example) will be able to push Ethereum from the top of CoinMarketCap.

Now the future of the project depends directly on the next network update. If the development team tackles the task, Ethereum is likely to succeed.

If we talk about an expert forecast on the price of Ethereum in 2019, it will pertinently recall the thoughts of the famous Wall Street analyst Tom Lee. In his opinion, the rate of Ethereum can reach $ 1,900 in 2019. Its predictions are based on historical data, he believes that the age will be able to exceed its historical maximum of about 40%.

The Ethereum project has long been the "second locomotive" in the cryptocurrency market. The current background of the news, as well as the general rhetoric of this project, is extremely negative. But faced with all this, Vitalik Buterin made a long-awaited statement about the next version of Ethereum 2.0. The future of the project depends directly on the successful implementation of this update. We can only wish the development team good luck and keep track of the further development of the events.

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